Oklahoma § 63-2903 - Lien against property - Foreclosure - Repayment of loan
Full text of Oklahoma Oklahoma Statutes § 63-2903 — Lien against property - Foreclosure - Repayment of loan, with citation guidance and answers to common questions.
§ 63-2903. Lien against property - Foreclosure - Repayment of loan
A. The State of Oklahoma through the Department shall have a
lien against the property on which the work is being performed for
the amount of the loan plus interest thereon. The Department shall
record a notice of lien with the county clerk where the property is
located. A delinquent installment of the loan may be foreclosed by
the Department and the property concerned shall be sold in the
manner provided for foreclosures of mortgages on land. Any real
estate sold under any order, judgment or decree of court to satisfy
the lien may be redeemed by the owner or his assignee at any time
within one (1) year of the date of the sale by paying to the
purchaser thereof or his assignee the amount paid with interest from
the date of purchase at the rate of twelve percent (12%) per year.
B. Repayment of each loan shall be determined according to a
repayment schedule determined by the Department.
C. Repayment of the loan may be deferred until that time when
the loan recipient sells the property or ownership is transferred.
In such cases where a loan has not been repaid after ten (10) years,
another ten-year extension shall be granted if the loan recipient or
the surviving spouse is still the owner-occupier of the residence.
Such extensions shall be granted until such time when the property
is transferred from the loan recipient or the surviving spouse to
another party.
D. Loan repayments shall be made to the Oklahoma Department of
Commerce and shall be deposited in the Energy Conservation Loan
Fund.
Added by Laws 1982, c. 324, § 3. Amended by Laws 1986, c. 207, § 61,
operative July 1, 1986.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 63-2903
What does Oklahoma Statutes § 63-2903 cover?
Section 63-2903 ("Lien against property - Foreclosure - Repayment of loan") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 63-2903?
A common citation format is "Oklahoma Statutes § 63-2903" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 63-2903 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.